The Latest Industrial Vehicles Industry Statistics Explained
The global industrial vehicles market size was valued at USD 13.45 billion in 2016.
The statistic “The global industrial vehicles market size was valued at USD 13.45 billion in 2016” indicates the total worth of the market for industrial vehicles worldwide in the year 2016, accounting for all sales, transactions, and economic activity related to industrial vehicles such as forklifts, aerial work platforms, and utility vehicles. This figure provides insights into the scale and economic significance of the industrial vehicles sector, reflecting the demand and investment within the industry at that specific point in time. Tracking the market size of industrial vehicles can help stakeholders, including manufacturers, investors, and policymakers, in making informed decisions, assessing market trends, and understanding the overall health and growth potential of the industry.
The industrial vehicles market is projected to grow at a CAGR of 3.27%, reaching $14.75 billion by 2021.
The statement indicates that the market for industrial vehicles is expected to experience a Compound Annual Growth Rate (CAGR) of 3.27% over a certain period, leading to a forecasted market size of $14.75 billion by the year 2021. This growth rate suggests a steady and consistent increase in the market value of industrial vehicles, showcasing potential opportunities for businesses operating within this sector. The CAGR provides a useful metric for understanding the annual growth rate over the specified period and can assist market stakeholders in making strategic decisions regarding investments, expansion, and overall market positioning.
The construction industry held the largest market share for industrial vehicles at 34% in 2016.
The statistic indicates that in 2016, the construction industry had the largest presence in the market for industrial vehicles, accounting for 34% of the total market share. This suggests that a significant portion of industrial vehicles, such as excavators, cranes, and bulldozers, were being utilized by companies in the construction sector. The high market share for industrial vehicles in the construction industry could be attributed to the industry’s heavy reliance on such equipment for various construction activities, including earthmoving, material handling, and transportation. This statistic highlights the importance of the construction industry as a major consumer and driver of demand for industrial vehicles in the market during that period.
Industrial vehicles powered by internal combustion engines are the most widely used, accounting for 60% of the total market.
The statistic indicates that industrial vehicles powered by internal combustion engines are the dominant choice in the market, capturing 60% of the total market share. This suggests a strong preference for these types of vehicles over other power sources like electric or hybrid engines. The popularity of internal combustion engines for industrial vehicles could be due to factors such as their established technology, power and efficiency capabilities, widespread availability of fuel sources, and potentially lower upfront costs compared to alternative options. This statistic highlights the significant presence and continued demand for traditional internal combustion engine-powered industrial vehicles in the industry.
Sales of electric industrial vehicles are expected to grow at a CAGR of over 4% by 2026.
This statistic indicates that the sales of electric industrial vehicles are projected to increase at a compound annual growth rate (CAGR) surpassing 4% through the year 2026. This suggests a continual upward trend in the demand for electric industrial vehicles within the industry. The CAGR metric incorporates the growth rate over multiple years, providing a more comprehensive view of the expected growth trajectory compared to a simple annual growth rate. The forecasted increase in sales reflects a growing interest and adoption of electric vehicles in industrial settings, likely driven by factors such as environmental concerns, cost savings from lower operational expenses, and regulatory incentives promoting sustainable practices in the transportation sector.
The major players in the industrial vehicle market are Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., and Jungheinrich AG.
The statistic provided highlights the dominant companies in the industrial vehicle market, which include Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., and Jungheinrich AG. These companies are considered major players in the industry due to their significant market share, extensive product offerings, and established reputation for producing high-quality industrial vehicles. Toyota Industries Corporation, a well-known global brand, is recognized for its innovation and efficiency in manufacturing vehicles, while Hyster-Yale Materials Handling, Inc. and Jungheinrich AG are also leading manufacturers with a strong presence in the market. This statistic underscores the competitive landscape of the industrial vehicle market and the key players driving its growth and development.
North America held the second largest share in the industrial vehicles market in 2016.
The statistic implies that in the industrial vehicles market in 2016, North America occupied the second highest proportion of market share, after another region. This suggests that North America was a significant player in the industry during that year, but was not the dominant market leader. This information is important for understanding the distribution of market power and opportunities within the industrial vehicles sector, indicating that North America was a key region for companies operating in this market but was surpassed by another region in terms of market share.
Forklift trucks are the most commonly used industrial vehicles, capturing nearly 63% of the global market share.
This statistic indicates that forklift trucks are the dominant choice among industrial vehicles worldwide, as they hold a substantial market share of 63%. This suggests that forklift trucks are widely utilized in various industries due to their versatility, efficiency, and effectiveness in material handling tasks. The significant market share further highlights the crucial role forklifts play in the logistics and operations of businesses across the globe, emphasizing their importance in facilitating efficient and seamless movement of goods and materials within industrial settings.
Industrial trucks market is expected to reach $37.3 billion by 2027.
The statistic “Industrial trucks market is expected to reach $37.3 billion by 2027” indicates a projected growth in the market value of industrial trucks over the next few years. This figure represents the estimated total revenue generated by the sales of industrial trucks globally by the year 2027. The increase in market value suggests a growing demand for industrial trucks, which are commonly used in various industries for material handling and logistics operations. Factors such as technological advancements, increasing industrialization, and the need for efficient transportation and warehousing systems are likely driving this anticipated growth in the industrial trucks market.
In 2016, Japan had a market share of 15.7% in the global industrial vehicles market.
The statistic “In 2016, Japan had a market share of 15.7% in the global industrial vehicles market” indicates that in that year, Japan accounted for 15.7% of all industrial vehicles sold worldwide. This means that Japan held a significant portion of the market compared to other countries and was a major player in the global industrial vehicles industry. The statistic provides valuable insight into Japan’s position and influence in the market, highlighting its competitiveness and prominence in producing and selling industrial vehicles on a global scale.
The industrial vehicle automation sector is projected to grow at a CAGR of 14.1% from 2018 to 2023.
This statistic indicates that the industrial vehicle automation sector is expected to experience substantial growth over the period from 2018 to 2023, with a compound annual growth rate (CAGR) of 14.1%. This suggests a consistent and strong rate of expansion in the industry over the five-year timeframe. The projected growth rate reflects the increasing adoption of automation technologies in industrial vehicles, such as autonomous vehicles and robotics, driven by factors such as efficiency improvements, cost savings, and advancements in technology. Overall, this statistic highlights the potential for significant opportunities and advancements in the industrial vehicle automation sector in the coming years.
Internal Combustion Engine (ICE) based industrial vehicles dominated the market with a share of around 62% in 2020.
The statistic ‘Internal Combustion Engine (ICE) based industrial vehicles dominated the market with a share of around 62% in 2020’ indicates that the majority of industrial vehicles sold and in use in 2020 were powered by internal combustion engines. This suggests that despite advancements in electric and alternative fuel technologies, traditional ICE vehicles continue to be the preferred choice in the industrial vehicle sector. The high market share of ICE vehicles could be due to factors such as the established infrastructure to support these vehicles, their lower initial purchase costs compared to electric alternatives, and their familiarity and reliability in industrial applications. The statistic highlights the continued reliance on ICE technology in the industrial vehicle market but also suggests potential opportunities for growth and adoption of alternative fuel technologies in the future.
The Material Handling Equipment segment in the industrial vehicles market is projected to reach USD 29.3 billion by 2026.
The statistic indicates that the Material Handling Equipment segment within the industrial vehicles market is expected to grow significantly and reach a total value of USD 29.3 billion by the year 2026. This projection suggests a rising demand for material handling equipment such as forklifts, conveyors, and automated guided vehicles in various industries like manufacturing, distribution, and logistics. Factors driving this growth could include advancements in technology, the need for efficient warehouse management systems, and the trend towards automation in industry operations. This statistic highlights the potential for continued expansion and investment within the material handling equipment sector in the coming years.
The Asia Pacific region will continue to dominate the industrial vehicles market, followed by North America, and Europe.
This statistic indicates the current and projected geographical distribution of the industrial vehicles market, with the Asia Pacific region expected to maintain its leading position in the industry. This dominance is likely driven by factors such as growing industrialization, expansion of manufacturing activities, and increasing infrastructure development in countries within the Asia Pacific region. Following Asia Pacific, North America is anticipated to hold the second-largest share in the industrial vehicles market, potentially due to its established manufacturing sector and demand for construction equipment. Europe is expected to rank third, with factors such as technological advancements and stringent regulations influencing the industrial vehicles market in the region. Overall, this statistic highlights the regional dynamics and competitive landscape within the global industrial vehicles market.
References
0. – https://www.www.marketsandmarkets.com
1. – https://www.www.grandviewresearch.com
2. – https://www.www.alliedmarketresearch.com
3. – https://www.www.futuremarketinsights.com
4. – https://www.www.researchandmarkets.com
5. – https://www.www.openpr.com
6. – https://www.www.investoropinion.co.uk
7. – https://www.www.deloitte.com
8. – https://www.www.gminsights.com
9. – https://www.www.mordorintelligence.com
10. – https://www.www.fortunebusinessinsights.com
11. – https://www.www.factmr.com
12. – https://www.www.transparencymarketresearch.com
